The race for digital asset reserves is heated in the United States, with a growing number of bills at the state that is launched, discussed and signed by law.
June 20 signed Senate Bill (SB) 21 to team, making it the third state to sign a bitcoin reserve bill to team – Joining New Hampshire and Arizona – and the first to commit public funds and establish a separate structure for Bitcoin holding.
This movement came one day after Ariason’s state Senate adopted a bill to set up a fund to be administered by the state to Store and manage seized digital assets. If it was signed by law, it would add a bill that was already signed by the state governor last month focusing on unproven digital assets.
Texas Reserve Bill becomes team
Texas Governor Greg Abbott signed SB 21 Strategic Bitcoin Reserve Bill in Law on Friday. The bill allows Establishment of a Bitcoin reserve Is managed by the state’s controls of public accounts and investments in selected digital assets. The bill was adopted a month ago by the House of Representatives, which voted overwhelming for.
The legislation enables the control to invest in all digital assets with a market value over $ 500 billion during the previous 12-month period. The only asset that is currently suitable for this description is BTC.
In accordance with For the bill, “Bitcoin and other crypto courses can serve as a hedge against inflation and economic volatility.”
The legislation also says to determine a Strategic Bitcoin Reserve “Earns the public purpose of providing improved financial security to the inhabitants of this state and providing a mechanism for obtaining donations of bitcoin and other cryptocorate.”
With regard to this latter paragraph, the legislation specifies that digital assets can enter the reserve through several routes, namely: a money transfer or deposit, gift, grant or donation, an investment reinforcement, originating from a fork or via AirDrop.
The controller will be guided in the administration of an advisory committee for three digital asset investments, and a public report describing the fund’s holdings and results will be issued every two years.
Abbott’s signing of the SB 21 Act means that Texas is now the third state that approves a bitcoin reserve law, after New Hampshire and ArizonaThe latter whose legislators were also busy developing another related bill last week, this time focused on lost assets.
Arizona Senate passes Bitcoin Reserve Bill
On one 16-14 Voting On June 19, Arizona Senate revived House Bill (HB) 2324, which would set up a reserve fund to store and manage seized digital assets.
The bill had previously failed a final read in the Arizona representative house in May and was returned to the Senate for amendment, according to it Fact sheet. Now, after approval in the Senate, it again goes to the Chamber for a vote.
If it goes past the Chamber and then signed the law of the state governor, Katie Hobbs, HB 2324 will join legislation signed to law in May – named HB 2749—Dat which was allowed the establishment of a reserve fund for undecided digital assets.
The bill was revived by the State Senate on Thursday would build on the previous legislation by authorizing the Treasury to establish “Bitcoin and Digital Assets Reserve Fund” to manage Digital assets seized by loss of criminal assets. It would also enable the state government to invest, reinvest and divest funds in digital assets or stock exchange traded funds containing digital assets.
The Legislation states that the first $ 300,000 of all forfeited digital assets would be deposited in the anti-racketing rotating fund. The remaining balance in addition to that amount would be divided into the following lines: 50% to anti-racketing rotating fund, 25% to the state’s general fund and 25% to the newly established bitcoin and digital assets reserve fund.
The bill also notes that digital assets legally seized for confiscation must be secured by “accessing a private key, redemption phrase or other access mechanism, securing a digital wallet through blockchain technology or transferring the digital access to a state approved secure secure Digital wallet or platform. “
In addition, all sold digital assets must be made through state -approved digital asset exchanges or “other secure platforms” to ensure proper valuation and openness.
In April, two other parts of digital asset reserve legislation were adopted by Arizona House: SB 1025, a proposal to change Arizona’s statutes to approve up to 10% of the state’s tax chamber and pension funds to be invested in BTC and other digital assets; and SB 1373, to set up a strategic digital digital assets at the state level and allow Arizona to keep digital assets obtained through seizures or legislative allocations.
Governor Hobbs disused SB 1025 on May 2, Quoted Concerns that “pension funds are not the place for the state to try unspoken investments such as virtual currency.” Ten days later, she also vetoed against SB 1373, claiming that “current volatility in Cryptocurrency does not make a careful suitable for public fund dollars.”
A federal policy
Bills to facilitate digital asset reserves have already been proposed in another six states, in accordance with to legislative trackers bitcoin laws, including in North Carolina, Rhode Island, Michigan and Illinois.
This nationwide trend loses the party line set down by US President Donald Trump since his inauguration in January. Since taking office for the second time, Trump has followed his vocal support for all digital asset, Install crypto advocates in important regulatory positionsWhile refilling other supervisory authorities and turning so -called crypto-donors action.
The glaze on the cake came on March 7, when Trump officially announced the creation of one Strategic Bitcoin Reserve through an executive order entitled “Establishment of the strategic Bitcoin Reserve and the US digital asset storage.“
The order introduced the idea of a strategic reserve exclusively for bitcoin and a “digital asset storage” that will consist of various cryptocurrencies.
Since then, Trump’s digital asset activities in the Memecoin space have drawn many headlines and A lot of criticism—Primär from democratic neighborhoods – over the potential of conflict of interest and corruption.
Watch: Bitcoin for practical use on coeingeek weekly livestream with Brendan Lee
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